Your Location > Home > News & Market >International News > LME aluminium slides with rising greenback; SHFE aluminium likely to remain rangebound
Today' Focus
-
Hangzhou Jinjiang Group's general manager Zhang Jianyang, vice general manager Sun Jiabin and their team had attended the SECOND BELT AND ROAD FORUM FOR INTERNATIONAL COOPERATION, they also attended the signing ceremony of comprehensive strateg...
International News
Domestic News
International News
LME aluminium slides with rising greenback; SHFE aluminium likely to remain rangebound
- China Aluminium Network
- Post Time: 2018/12/14
- Click Amount: 587
The dollar index hit a month-peak against a basket of currencies on Tuesday and stands at 97.07 today. Both LME and SHFE base metals closed mixed on Wednesday. LME aluminium stayed flat and SHFE aluminium slid some 0.3%.
LME aluminium closed Wednesday’s trading at US$1928 per tonne, lower than Tuesday. While LME aluminium opened higher on Wednesday, it traded lower to end at US$1,936 per tonne. As the US dollar index stays above 97, LME aluminium still faces pressure and is expected to be weak today with a trading range of US$1,925-1,945 per tonne.
As on December 12, Wednesday, LME aluminium cash (bid) price stood at US$ 1927 per tonne, LME official settlement price stands at US$ 1928per tonne; 3-months bid price stands at US$ 1936 per tonne, 3-months offer price is US$ 1937 per tonne; Dec 19 bid price stands at US$ 1997 per tonne, and Dec 19 offer price stands at US$ 2002 per tonne.
The LME aluminium opening stock dropped to 1071425 tonnes. Live Warrants totalled at 828425 tonnes, and Cancelled Warrants were 243000 tonnes.
LME aluminium 3-months Asian Reference Price is hovering at US$ 1938 per tonne.
SME and SHFE Aluminium Price Trend
The benchmark aluminium price on Shanghai Metal Exchange increased to US$ 1971 per tonne today from US$ 1967 per tonne on December 12.
The SHFE 1902 contract traded weakly below the daily moving average, and settled below the 20-day moving average, at RMB 13,615 per tonne yesterday. Despite a higher open, the SHFE 1902 contract fell to a low of RMB 13,550 per tonne overnight before it rebounded to end at RMB13,580 per tonne. SHFE aluminium is expected to remain rangebound with supply cuts and downstream restocking in the short term and declining costs in the medium term. The most traded February contract is expected to trade at RMB13,500-13,650 per tonne today with spot prices at discounts of RMB 20 per tonne to premiums of RMB 20 per tonne.
- Copyright and Exemption Declaration :①All articles, pictures and videos that are marked with "China Aluminum Network" on this website are copyright and belong to China
Aluminium Network (www.alu.com.cn). When transshipment, any media, website or individual must list the source from "China
Aluminium Network (www.alu.com.cn)". We seek legal actions against anyone that disobey this.
②Articles that marked as copy from others are for transferring more information to readers, do not represent or endorse their opinions or
accuracy and reliability. When other media, website or individuals copy from our website, must keep the source. Anyone that changes the
articles' sources will hold the responsibilities for copyright and law problems. We also seek legal actions against anyone that disobey
this.
③If any articles copied by our website concern the copyright and other problems, please contact us within one week.